The Importance of Financial Management of Advanced to Reduce Problems within the Agency

Abstract

The finance and accounting department in the Treasury and Supplies work has a crucial responsibility in performing financial tasks. One of their missions is to receive the return of loan advances and prepare a timely report on the movement of monthly loan advances. This report is important for executives to stay informed about the financial status. The financial and accounting officers in this department are responsible for paying off loans, receiving loans, and accurately recording financial transactions. They must possess knowledge, skills, and a comprehensive understanding of relevant regulations to ensure accuracy and compliance. Borrowing advances is necessary to support various activities and meet organizational goals. Information technology is currently being utilized to assist with these operations, aiming to reduce errors and provide flexibility in borrowing advances from government agencies. These advances are typically used to fund specific projects. Managing loans and advance payments involves requesting approval to borrow money and ensuring that the borrowed funds are used appropriately. While the process of requesting and receiving borrowed money may not be difficult, the challenge lies in ensuring compliance with relevant regulations, orders, and guidelines. There are various reasons why both those with borrowing privileges and those who wish to utilize government advances may fail to comply with these regulations. To address this issue, the agency has developed a clear manual and operating model. These resources aim to improve understanding among personnel in the agency and reduce problems that may arise during the management of trial payments, particularly in situations where there are work delays.